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TRADE RESULT
This trade took advantage of the ABC Signal at Support of the Pennant on the Daily Chart, to signal the start of the rally to Resistance. Once the Signal was identified as being strong enough, entry then took place on the 4 Hour Chart. After just a day and a half, the trade provided a gain of 137 Pips.
SWING TRADING STRATEGY
The result reflected the use of the Weekly Range Trading Strategy where I target the 100 to 200 Pip Moves of the market. This is done using Candlestick Signals and Patterns of the Daily and 4 Hour Chart, where these are more reliable and stable.
The Signal on the Daily Chart is used for the initial signal while the 4 Hour Chart is used for entry. As long as the overall setup and signals are Strong and Clear, the trade can be taken.
OVERALL TRADE SETUP
The Screen Shots below show the Pennant Setup on the Daily Chart and the ABC Signal given at Support.
Below is the Video Analysis of the Trade. ABC Signals are very common on the Forex, especially when it comes to trend changes. Since movements within Consolidations consist of several changes, these signals are very common within these Setups. Once strong enough, these signals lead to fast and aggressive moves towards Major Boundaries/Trading Targets.
TRADE EXIT STRATEGY
Many people trading Consolidations tend to exit their trades at the Boundary itself. However, what I have found is that the market will either hit that Boundary or pullback at an area just ahead of it before heading back to the other side of the setup.
Since it is never quite clear what the market will do at these areas, the safest thing to do is to set the Limit Order Target at an area just within the Boundary. I call this area the " Near-End Value "- the price at which it is safest to exit to avoid being caught out by opposing Entry Positions that build up at these areas. You might need to forgo a few Pips, but it is always always better than losing if the market reverses sharply against your position! Agreed?
SUMMARY
So this was a good trade to capture a strong trading gain in a short period of time, as the GBP rallied across the Forex. In a nutshell,
Lets wait and see.
Happy Trading
Duane
This trade took advantage of the ABC Signal at Support of the Pennant on the Daily Chart, to signal the start of the rally to Resistance. Once the Signal was identified as being strong enough, entry then took place on the 4 Hour Chart. After just a day and a half, the trade provided a gain of 137 Pips.
SWING TRADING STRATEGY
The result reflected the use of the Weekly Range Trading Strategy where I target the 100 to 200 Pip Moves of the market. This is done using Candlestick Signals and Patterns of the Daily and 4 Hour Chart, where these are more reliable and stable.
The Signal on the Daily Chart is used for the initial signal while the 4 Hour Chart is used for entry. As long as the overall setup and signals are Strong and Clear, the trade can be taken.
OVERALL TRADE SETUP
The Screen Shots below show the Pennant Setup on the Daily Chart and the ABC Signal given at Support.
Below is the Video Analysis of the Trade. ABC Signals are very common on the Forex, especially when it comes to trend changes. Since movements within Consolidations consist of several changes, these signals are very common within these Setups. Once strong enough, these signals lead to fast and aggressive moves towards Major Boundaries/Trading Targets.
TRADE EXIT STRATEGY
Many people trading Consolidations tend to exit their trades at the Boundary itself. However, what I have found is that the market will either hit that Boundary or pullback at an area just ahead of it before heading back to the other side of the setup.
Since it is never quite clear what the market will do at these areas, the safest thing to do is to set the Limit Order Target at an area just within the Boundary. I call this area the " Near-End Value "- the price at which it is safest to exit to avoid being caught out by opposing Entry Positions that build up at these areas. You might need to forgo a few Pips, but it is always always better than losing if the market reverses sharply against your position! Agreed?
SUMMARY
So this was a good trade to capture a strong trading gain in a short period of time, as the GBP rallied across the Forex. In a nutshell,
- ABC Signals are very popular signals within Consolidations
- ABC sgnals can lead to fast and quick trading gains
- Movements within Consolidations can be traded for strong gains.
- Exiting at the " Near-End Value" is best in case the market reverses
Lets wait and see.
Happy Trading
Duane
